The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1887-03-25
An ACT.

A0 AVA.
counties and incorporated
cities of the second and third class
to encourage the development of
the coal, natural gas and other re-
sources of their localities by subscribe
ing to the stock of companies organ
lied for such purposes.
Be it enacted by the Legislature of
the State OF Kansas.
SECTION 1. That any county or in.
city of the second or third
class in this State. for the purpose of
encouraging the development of the
natural resources of their respective
localities may, in the manner hereaf-
ter provided, subscribe to the capital
stock of companies heretofore or here
after organized for the purpose of min
ing or boring for coal or natural gas,
and for developing and using the same
or for artesian wells, upon such cOndi-
tiOns as may be deemed to the best in
terest of the county or city by the
board Of county commissioners of the
county or the mayor and council of the
city, as the case may be. No subscrip-
ton to any one company shall exceed
the sum of fifteen thousand dollars in
any county, nor more than five thou
sand dollars in any city of the second
class, nor more than three thousand
i'm any city of the third class; and no
such subscription shall be made until a
majority Of the voters of said county or
city, as the case may be, shall have
voted at some regular or special cleo
ton, called therefor by the board of
county commissioners of said county
or by the mayor and council of said
city, as the case may be. in favor of 80
doing, stating the amount of stock de.
sired, the amount of bonds to be issued
therefor and the purpose for which
they are to be issued, and upon ma
jority vote therefor the board of coun-
ty commissioners, or mayor and city
council, as the case may be, shall
make such subscription to the amount
30 authorized at said election.
sen. 2. Each elector at such cleo
ton shall be permitted to vote by de-
posting ballot having written or
printed thereon "FOr the bonds" or
against the bonds, land if a majority
of the legal votes cast as provided shall
be for the bonds, the bonds shall be is
sued, and not otherwise.
SEC. 3. The bonds herein provided
for shall be issued in sums of not less
than one hundred dollars each, pay
able in not less than one nor more than
fifteen years from date thereof, and
shall bear interest not to exceed seven
per cent per annum, payable semi.an-
nually. They shall be made payable
at such place as the board of county
commissioners or the mayor and city
direct, and shall have interes coupons
attached, and shall not be sold for less
than par value.
SEC. 4. The bonds herein provided
for shall be signed by the chairman of
the board of county commissioners and
attested by the county clerk, or shall
he sig ned by the mayor and attested
by the city clerk, as the case may be,
with the seal of said board of county
commissioners or of said city, as the
case may be, thereto attached and the
said coupons shall be signed and at
tested in like manner.
Sec. 5. When the corporation to
which said bonds have been voted as
above provided, shall execute and
deliver to the said board of county
commissioners or mayor and city coun-
Gil, as the case may be, the stock of
said corporation in an amount equal to
the amount of the said bonds 60 voted
and subscription so made, the board of
county commissioners of said county or
the mayor and city council of said city,
as the case may be, shall issue and de-
liver said bonds to said corporation,
and take and receive said stock of said
corporation in payment therefor.
Sec. 6. The board of county COM
missiOners of said county shall levy
such per cent. on the taxable
property of said county or city, as the
case may be as shall he sufficient to
pay the interest on all bonds issued
under the provisions of this act as the
same shall accrue, and to provide a
sinking fund for the payment of said
bonds.
SECT. This act shall take effect
and be in force from and after its pub
lication in the official state paper.
Approved March 2, 1887.
I do hereby certify that the foregoing
Is true and correct copy of the orig
ional enrolled bill now on file in my
office.
In testimony whereof. / have hereun.
to subscribed my name and
affixed my official seal. Done |
SEAL at Topeka, Kansas, this I'd day
of March, A. D. 1887.
E. B. ALLEN, Sect. of State.